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Tuesday, April 24, 2018

Market Alert - Pre-Market

Futures vs FV: SP +12.41; DJ +102.31; NASDAQ +33.70

President Trump and the French President are inspecting the troops at the White House as the French President is given full diplomatic welcome. The futures are up. Coincidence? Yes.

Stock futures are up, but after rising for 4 hours they are fading the gains the past hour. Not a big drop, just losing some bids/momentum. Hmm, sounds somewhat familiar.


Earnings are helping drive stocks higher early. Can they avoid the fade?

Beats: CAT (increased guidance); KO; VZ; UTX; PHM; HOG; GOOG; LLY; ZION MMM (TL, BL in line)

Misses: TRV (BL); WHR (TL, BL)


Case-Shiller: Housing prices rising at 6.8%, the fastest since 6/2014


AAPL: Supplier AMS AG reported what some are calling shockingly poor earnings. Everyone knew of a slowdown, but no of this magnitude.


Upgrades: HD, LOW


Sentiment: Dennis Gartman has taken a 'small' short position on equities. Stocks are set to bounce. Makes sense.


OTHER MARKETS
Bonds: 2.988% vs 2.962% 10 year

EUR/USD: 1.2204 vs 1.221

USD/JPY: 108.57 vs 108.71

Oil: 68.92, +0.28

Gold: 1326.90, +2.90


Stocks are set to open higher as noted, though eroding the gains as the market open nears. Monday saw good moves fade. Of course that remains the concern for this nicely stronger open. The market indices are well set to move higher as many stocks sport nice pullback patterns to near support. Nice pictures, but they must convert them into gains. The longer they fail to do so, the more times they rally only to give the move back, the less likely the move near term.

CAT is set to gap on earnings. We also have a new play on CMI from the same sector and will see if it provides an entry to us. This group is getting new money.

Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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